TAXATION - income tax - deductions - when loss or outgoing is "incurred" - contracts for sale and purchase of land and for sale and purchase of aged care hostel business - whether certain amounts were incurred by purchaser upon execution of contracts - whether Tribunal erred in concluding that the amounts were not incurred upon execution of contracts
TAXATION - income tax - taxation of trusts - discretionary trust - where trustee resolved to distribute income to particular beneficiary but also resolved to distribute the income to a different beneficiary if the Commissioner disallowed a deduction or included an additional amount in assessable income - whether resolutions were valid - whether variation resolution, if invalid, was severable - whether first-mentioned beneficiary was "presently entitled" to a share of the income of the trust estate
TAXATION - review proceedings under Pt IVC of Taxation Administration Act 1953 (Cth) - application by taxpayer to rely on grounds not in objection - principles applicable
TRUSTS AND TRUSTEES - discretionary trust - distribution of income - where beneficiary executed deed of disclaimer - whether disclaimer effective - whether beneficiary had already accepted the distribution - whether knowledge of beneficiary's agent should be imputed to beneficiary
TRUSTS AND TRUSTEES - discretionary trust - resolution of trustee to distribute income - where resolution expressed in terms of "income" of the trust - where distribution power in trust deed expressed in terms of "Net Income" - whether on its true construction the resolution related to Net Income of the trust
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